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“It’s part of the growth-state story. The new flagship stores – in many instances they are the best stores in Australia."

He said the mall was now more of a seven-day trading area with foot traffic becoming representative of a super regional shopping centre.

“The CBD is receiving a massive amount of reinvestment and there is population growth with all the inner city apartment towers."

The opportunities to invest on the Queen Street Mall were also starting to pop up.

“Sydney’s Pitt Street and Melbourne’s Bourke Street are very tightly held but there have a been a few good opportunities here," Mr Browning said.

Last week local property identity Kevin Seymour sold his heritage-listed home at 180 Queen Street to Country Road’s main outlet for $29.5 million.

It was sold to an institutional joint venture between US-based Heitman and
Abacus Property Group
.

At the top of the mall towards the casino, the Blackstone-owned Valad is selling 60 Queen Street. The 3100 square metre space is likely to fetch $30 million to $40 million.

Jones Lang LaSalle’s Jacob Swan said the building’s access to one of Brisbane’s flourishing laneway precincts was a major selling point.

“The Brisbane City Council is actively looking to create and replicate the Melbourne laneway culture," Mr Swan said.

“Burnett Lane, which is at the rear of the asset, is one of the council’s main priorities for the plan."

Last month, international buyers SilverNeedle Hospitality and Fijian-based Reddy Group paid $56 million for Abacus’ Lennons Plaza, next door to Valad’s retail space.

The building’s office component, opposite the Myer Centre, is likely to be converted into a hotel and the retail offering on the ground floor is in line for a restoration.

However, JLL research director Leigh Warner said he expected landlords would have to keep working hard to secure tenants.

“The challenging retail environment has meant that landlords have had to work harder to maintain occupancy levels and incentives have reportedly risen, particularly for new deals," Mr Warner said.

At last measure in December 2011, the Brisbane CBD retail vacancy rate increased by 0.9 of a percentage point to 4.1 per cent, but Mr Warner expected new vacancy numbers due out soon would show the rate had crept back down.